technology

Buy smartphone in installments: Samsung to offer more credit in India

Buy smartphone in installments: Samsung to offer more credit in India

  • Samsung Electronics Co
  • is expanding a consumer credit program it launched in India three years ago with the aim of boosting mobile sales in the world’s second-biggest smartphone market
  • The South Korean tech giant is recording sales worth 5 billion rupees ($65
  • 8 million) per month through its Samsung Finance+ credit service, which allows buyers to pay off a smartphone in installments
  • That pace is likely to double the company’s sales via that channel this year, according to Raju Pullan, the head of Samsung’s mobile business in India
  • The financing plan generated roughly 30 billion rupees in 2021 sales
  • The service has proven popular with price-sensitive Indian consumers and Samsung, which sells devices online and via a network of 180,000 stores across the country, is looking to expand availability of its credit plan, Pullan said
  • It’s currently offered in 50,000 retail outlets, covering smaller towns and rural markets as well as big cities
  • The company is now processing an average of 300,000 loan applications each month
  • Prospective customers need to pass identity and creditworthiness checks to qualify
  • Samsung, once the top-ranked player in India’s crowded smartphone market, has been outflanked by Chinese rivals such as Xiaomi Corp
  • and BBK Electronics Corp
  • -owned Realme, thanks to their lower prices, bigger batteries and more powerful cameras
  • Its mobile business revenue, which accounts for nearly 70% of its overall sales in India, stood at more than 550 billion rupees at the end of March 2021, according to regulatory filings
  • The company plans to launch five new A-series smartphones this year, three of which will include 5G wireless connectivity, a priority for the South Korean electronics maker
  • It will focus on the 20,000-45,000 rupee segment of the market, according to its local mobile chief
  • “We are seeing very strong growth in the overall 5G segment in India and that’s going be our core focus, Pullan said
  • “India is one of the biggest 5G players for us
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technology 2022-03-30 Livemint